Portuguese commercial banks are shutting down the accounts of crypto exchanges because they want to avoid the potential for criminal activity through those exchanges.
And even though the exchanges are licensed to operate in Portugal, the banks can basically do what they want when it comes to shutting those accounts.
Last week, Portugal’s largest bank, Banco Comercial Português, and Banco Santander (SAN) closed Portuguese crypto exchange CriptoLoja’s accounts. The exchange is no longer allowed to hold any capital within those banks.
This exchange is not alone. Earlier this year, crypto exchanges Mind the Coin and Luso Digital Assets also had their accounts closed by Portuguese banks.
Portuguese banks have been closing crypto exchanges’ accounts over the past year, citing concerns about crypto exchanges facilitating money laundering and other criminal activities.
“From the corporate side it’s a nightmare. A simple payment is not as easy as if we had a bank account here in Portugal,”...
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